Renovating A Home? What You Need To Look Out For

Owning a property is one of the things that many of us have the ambition to do at some point in our lives. After all, it isn’t just like heading to your local store and making a purchase, buying a property is a big deal. It requires months and even years of saving for a deposit, not to mention finding the right place for you and your family.

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In these sorts of circumstances, people tend to consider buying alternative types of properties to get more bang for their buck. One of the ways people do this is considering buying in up and coming areas or renovation projects where a property will need some work. Buying in up and coming areas means that you can take advantage of an impending property boom. With more people focusing on socializing in the area or even having more job opportunities created for them. A renovation project can be somewhat overwhelming, especially if it is your first one. There’s much to consider, and the options are varied. You could buy something that needs cosmetic work or go the whole hog and replace all sorts from the ground up. However, buying a renovation project can be hugely profitable in regards to your investment or supply you with the opportunity to create a property that works for you and your family. I thought I would share with you some of the things to look out for if you are considering buying a renovation project.

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Finding the right renovation project

 

One of the first things to think about would be finding the right project for you. As discussed earlier your options are varied. You could choose to do something simple that requires very little work but could still help your turn a house into a home that has been designed to your tastes or certainly help you turn a tidy profit. Or you could move up the ranks in regards to work level, perhaps replacing kitchens and bathrooms, or even knocking walls down to rejig a floor plan and make better use of the space. Finally, you could consider rebuilding or adding an extension to increase the square footage of the property. However, when finding the right renovation project for you try to consider your experience and the costs.

 

Making sure you have the right checks done

 

Once you have decided on the property now would be an excellent time to conduct some checks of your own. A surveyor could highlight issues such as damp or wood damage, whereas a builder could highlight the structural issues or even help you place some form of guide price on the work that potentially needs doing. It’s important to know all the facts before signing on the dotted line to ensure that you don’t put yourself at financial risk.

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Looking out for hidden issues

 

There will always be hidden issues with any renovation property. Wood that’s rotten in walls, plaster that just peels away from the walls, and even critters ruining your structure such as termites. However, all of these things are fixable like getting a termite removal service in to sort out the critters, you could always replaster walls and rebuild walls even. Any issue you face, whether you expected it or not, will always be resolved. Yes, it may cost your more from your budget, or even delay your completion time, but it will all come right again in the end.

 

Keeping your budget in check

 

The budget. The subject of many rows between professionals and homeowners, even the subject of arguments between couples and families doing this together. One of your first jobs is to devise your budget and the amount you want to spend. A great way to work out how much your budget is would be to get quotes for some of the work you want to do. This will help you look at a maximum cost, which will then help you to consider whether there are any other ways of reducing the cost. Comparing quotes to the money you have to spend, or can at least save through time, is where you actual budget will be devised from. One of the hardest parts of any project is sticking to the budget you have set. Of course, there may be unforeseen circumstances that cause you to overspend.

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Deciding on the finish

 

One of the decisions you will make early on in your project would be what sort of finish you will go for. This may depend on whether you decide to live in the property, offer it for rental, or choose to sell on to make a quick profit. However, the finish could help in regards to the value, so it’s always worth thinking about where would be good to invest in your home, and where you could save some precious budget.

 

Working out the time it will take to complete

 

A timescale can be hard to place on a renovation project, especially if you haven’t done one before, but it’s important to help you adhere to your budget as well as ensure that the property doesn’t cost you more in overheads such as mortgage and bills while the work is being done. Again, if you are unsure on how to work out how long it will take to complete your project, speak to the different professionals undertaking the work. You may also want to consider how they can or will work together to complete certain jobs. But, always be mindful that these timescales tend to be moved through unforeseen issues or even the length it can take to complete a job onsite.

 

When to do things yourself and when to get the professionals in?

 

Finally, there will be times where you will be thinking about whether or not you want to do a job yourself or when to get the professionals in. Of course, doing jobs yourself will always help you keep the costs down. But in some circumstances, it is always best to have the professionals in, especially when you are messing with water works and pipes or even anything to do with gas.

 

I hope this helps you when it comes to deciding on a renovation project.

 

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